Iraqi PM directs Banks to Accelerate Reforms
By John Lee.
Prime Minister Mohammed Shia Al-Sudani chaired a high-level meeting with the heads of Iraqi banks on Monday, reaffirming his government's commitment to banking reform as a pillar of broader economic revitalisation. He directed all banks to simplify procedures, embrace modern technologies, and encourage public confidence by stimulating deposits.
The Prime Minister announced that Rafidain Bank will soon relaunch with a new strategy in partnership with reputable international banks. He also confirmed that private auditing firms have been contracted to assess all banks as part of a comprehensive reform programme.
Al-Sudani called for a roadmap to strengthen the private banking sector, which he described as vital to Iraq's development, and stressed that the state would increasingly play a regulatory rather than interventionist role. He urged banks to invest in development projects, seek international partnerships, and channel import-related spending into local production to support domestic industry.
Bank executives welcomed the government's reform agenda and reported significant progress, including a rise in electronic payments from 1.7 trillion dinars in 2020 to 21 trillion dinars in 2024. They confirmed support for the Oliver Wyman bank restructuring plan and offered to assist in domiciling private-sector salaries.
(Source: Media Office of the Prime Minister)
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